Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 292.105

  (1)   Your CGT cap amount at the start of the 2007 - 2008 * financial year is $1,000,000.

Note:   For transitional rules about contributions made in the period from 10   May 2006 to 30   June 2007, see section   292 - 80 of the Income Tax (Transitional Provisions) Act 1997 .

Reductions and increases

  (2)   If a contribution covered by section   292 - 100 is made in respect of you at a time, reduce your CGT cap amount just after that time:

  (a)   if the contribution falls short of your * CGT cap amount at that time--by the amount of the contribution; or

  (b)   otherwise--to nil.

  (3)   At the start of each * financial year after the 2007 - 2008 financial year, increase your CGT cap amount by the amount (if any) by which the index amount for that financial year exceeds the index amount for the previous financial year.

  (4)   For the purposes of subsection   (3), the index amount for the 2007 - 2008 * financial year is $1,000,000. The index amount is then indexed annually.

Note:   Subdivision   960 - M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section   960 - 285.